LONDON—Oil prices leapt $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, with global inventories forecast to decline through the fourth quarter.
Brent futures rose $2.88 to $88.88 per barrel as of 1050 GMT. US West Texas Intermediate (WTI) crude gained $2.91 to $85.82 a barrel. Both benchmarks had earlier risen more than $3.
